by Laura Conaway

The FDIC has unveiled a plan to shore up its insurance program by essentially borrowing $45 billion from member banks. The idea is to have the banks prepay three years' worth of fees. The FDIC had considered borrowing the money outright from either banks or the Treasury, but each proved politically unpopular. Now the FDIC may have found a way to split the difference.

From the New York Times:

Officials said that the plan would be less expensive than a direct loan from the banks — an idea that many banks supported — because no interest would have to be paid and because the plan would not be voluntary.

In addition, the FDIC plans to raise banks' fees, too, by three cents on each $100 in deposits. You could argue that banks are like ordinary insurance consumers — paying more for coverage when claims spike. So far in 2009, 95 banks have gone under. The FDIC is on track to lose $100 billion this year and next on failures. Its insurance fund is set to go into deficit this week.

The FDIC's push for early payment could take effect after a 30-day public comment period.

Bonus reading: Felix Salmon on the best fix for the insurance fund.